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CHFA board adopts procedural amendments and program limits, authorizes housing counseling
Summary
The board adopted Multifamily procedure amendments, authorized publication of proposed Single Family Procedure amendments for public comment, set Small/Emergency Loan Program limits and approved CHFA to provide HUD‑compliant housing counseling services.
At its Sept. 26 meeting the Connecticut Housing Finance Authority approved several program and procedural actions intended to guide CHFA operations and program implementation.
The board adopted previously proposed amendments to the Multifamily Program Procedures and authorized staff to publish additional amendments for public comment; if no comments are received the additional amendments will be deemed adopted on Dec. 1, 2024. The board also authorized publication of proposed amendments to the Single Family Housing Procedures for public comment and provided that, absent comments, those amendments will become effective Dec. 1, 2024.
The Board approved updated parameters for the Small or Emergency Loan Program, establishing per‑project caps on new loans and forgiveness (for example, $1.5 million maximum new loan principal per project and forgiveness limits of $500,000 for private projects and $1.5 million for state projects) and directed that instances of financial assistance be reported to the Board at the next regular meeting.
Lisa Hensley, Managing Director of Homeownership Programs, presented and the Board approved a resolution authorizing CHFA to provide housing counseling services to Connecticut residents through HUD‑certified counseling staff in accordance with 24 CFR §214.103(a).
Management also summarized the results of this year’s Housing Tax Credit Contribution Program rating and ranking round; the board then approved the consent agenda, which included the 2024 Series E bond issue, financial and production reports, audit and monthly tracking reports and July 25, 2024 meeting minutes.
